Singapore’s new carbon exchange traded 12,000 tonnes of emissions on its first trading day as the city-state bets on the growth of an industry that has been slammed for corporate greenwashing.
Chevron, Vitol, Standard Chartered and China’s CICC on Wednesday traded credits on Climate Impact X, which is hoping to challenge other global exchanges run by US-based CME Group and Xpansiv in establishing a benchmark price for voluntary carbon trading.
Singapore is trying to leverage its status as a business hub in Asia to be the main carbon trading platform in the region. By winning enough liquidity from international carbon traders, it hopes to become a global price setter for carbon credits and lay the groundwork for an eventual futures market.
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